Crude Oil Weekly Price Forecast – Crude Oil Markets Continue To See Support

Crude Oil Prices Forecast Video for 27.11.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be resilient around the $75 level, which also sits at the 200-EMA. All things being equal, this is a market that I think is at the bottom of a larger consolidation area, and therefore I think it would not be overly surprising to see this market bounce from here. That’s not to say that it is going to be very easy, just that it is going to be an area where a lot of buyers might be interested.

Above, we have the 50-Week EMA indicators sitting right around the $81 level, and if we can break above there, then it’s likely that we could go looking to the $90 level. The $90 level is a large, round, psychologically significant figure, and an area that has caused a significant amount of resistance previously.

Brent Crude Oil Weekly Technical Analysis

Brent also looks as if it is at the bottom of the larger consolidation area, and I think that there are a lot of people looking at it as potentially being “cheap.” In general, this is a scenario that is also hanging around the 200-Week EMA, so I think at this point we more likely than not will see some type of turnaround and potential buying opportunity. Whether or not it is a major move remains to be seen, but I do think that a bounce makes more sense than anything else. After all, there’s a significant chance that OPEC will cut production again, because quite frankly they don’t like the idea of prices being this low.

I’d be cautious, but at this point I think it’s more likely that we continue to go higher.

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